The UCLA transportation economist Donald Shoup developed a formula to explain the rational maximum cruising time for parking. a) Calculate the cruising time elasticity (i.e., the point elasticity using calculus) with respect to the off-street parking price m. SHOW YOUR WORK! b) Assume the city imposes a higher tax on off-street parking resulting in a 10% price increase. Using your elasticity equation from above, by much will C* change if p=4 and m=6 ?

part B please